BUS 475 FINAL EXAM (SET-03) - 31316

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1) A company just starting in business purchased three merchandise inventory items at the following prices.  First purchase $80; Second purchase $95; Third purchase $85.  If the company sold two units for a total of $240 and used FIFO costing, the gross profit for the period would be 

A. $65. 

B. $75. 

C. $60. 

D. $50.

 

2) These are selected account balances on December 31, 2008.

Land (location of the corporation's office building) $150,000

Land (held for future use) 225,000

Corporate Office Building 900,000

Inventory 300,000

Equipment 675,000

Office Furniture 150,000

Accumulated Depreciation 450,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

A.  $1,650,000

B.  $2,400,000

C.  $1,950,000

D.  $1,425,000

 

3) Which list below best describes the major services performed by public accountants?

A.  Employee training, auditing, bookkeeping

B.  Auditing, taxation, management consulting

C.  Bookkeeping, mergers, budgets

D.  Cost accounting, production scheduling, recruiting

 

4) The major reporting standard for management accounts is __________.

A.   generally accepted accounting principles B.   relevance to decisions C.   the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management

D.   the Sarbanes-Oxley Act of 2002 

5) The primary purpose of the statement of cash flows is to __________.

A.   provide information about the cash receipts and cash payments during a period

B.   facilitate banking relationships C.   provide information about the investing and financing activities during a period

D.   prove that revenues exceed expenses if there is a net income 

6) "Generally accepted" in the phrase generally accepted accounting principles means that the principles __________.

A.   have been approved for use by the managements of business firms

B.   have been approved by the Internal Revenue Service C.   have substantial authoritative support D.   are proven theories of accounting 

7) The first step in activity-based costing is to __________.

A.  compute the activity-based overhead rate per cost driver

B.  identify the cost driver that has a strong correlation to the activity cost pool

C.  assign manufacturing overhead costs for each activity cost pool to products

D.  identify and classify the major activities involved in the manufacture of specific products

 

8) In what situations will a static budget be most effective in evaluating a manager's effectiveness? 

A. The company has substantial variable costs.

B. The company has substantial fixed costs.

C. The company has no fixed costs.

D. The planned activity levels match actual activity levels.

 

9) These are selected account balances on December 31, 2008.

Land (location of the corporation's office building)$100,000

Land (held for future use)150,000

Corporate Office Building600,000

Inventory200,000

Equipment450,000

Office Furniture100,000

Accumulated Depreciation300,000

What is the net amount of property, plant, and equipment that will appear on the balance sheet?

A.   $1,600,000

B.   $950,000 C.   $1,300,000

D.   $1,100,000

10) The standards and rules that are recognized as a general guide for financial reporting are called __________.

A.  generally accepted accounting principles

B.  standards of financial reporting

C.  generally accepted accounting standards

D.  operating guidelines

 

11) Multinational corporations __________.

A.   are firms that conduct their operations in more than one country through subsidiaries, divisions, or branches in foreign countries

B.   are U.S. companies that sell goods and services in other countries C.   are required to use international accounting standards D.   are U.S. companies that trade their securities on the exchanges in other countries

 

12) Which one of the following is a product cost?

A.   Sales person’s salaries

B.   Advertising costs C.   Indirect labor D.   Office salaries 

13) The cost principle requires that when assets are acquired, they be recorded at __________.

A.   selling price B.   appraisal value C.   list price D.   exchange price paid

 

14) One of Astro Company's activity cost pools is machine setups, with estimated overhead of $150,000. Astro produces sparklers (400 setups) and lighters (600 setups). How much of the machine setup cost pool should be assigned to sparklers?

A.   $150,000 B.   $60,000 C.   $90,000 D.   $75,000 

15) A production possibilities frontier will be a straight line if __________.

A.   the economy is producing efficiently B.   the economy is engaged in trade with at least one other economy C.   increasing the production of one good by x units entails no opportunity cost in terms of the other good

D.   increasing the production of one good by x units entails a constant opportunity cost in terms of the other good

 

16) Maurice receives $100 as a birthday gift. In deciding how to spend the money, he narrows his options down to four choices: Option A, Option B, Option C, and Option D. Each option costs $100. Finally he decides on Option B. The opportunity cost of this decision is __________.

A.  the value to Maurice of Options A, C and D combined

B.  the value to Maurice of the option he would have chosen had Option B not been available

C.  $100

D.  $300

 

17) For a college student who wishes to calculate the true costs of going to college, the costs of room and board __________.

A.  should be counted only to the extent that they are more expensive at college than elsewhere

B.  should be counted in full, regardless of the costs of eating and sleeping elsewhere

C.  usually exceed the opportunity cost of going to college

D.  plus the cost of tuition, equals the opportunity cost of going to college

 

18) Which of the following statements about GDP is correct? 

A. GDP increases if the total population increases.

B. Money continuously flows from households to government and then back to households, and GDP measures this flow of money.

C. GDP measures two things at once: the total income of everyone in the economy and the unemployment rate.

D. GDP is to a nation’s economy as household income is to a household.

 

19) When a firm sells a good or a service, the sale contributes to the nation’s income __________.

A.   only if the buyer of the good or service is a household or another firm B.   only if the buyer of the good or service is a household C.   We have to know whether the item being sold is a good or a service in order to answer the question

D.   whether the buyer of the good or a service is a household, another firm, or the government

 

20) In computing GDP, market prices are used to value final goods and services because __________.

A.  market prices do not change much over time, so it is easy to make comparisons between years

B.  Market prices are not used in computing GDP

C.  market prices reflect the values of goods and services

D.  if market prices are out of line with how people value goods, the government sets price ceilings and price floors

 

21) One characteristic of an oligopoly market structure is:

A.   firms in the industry have some degree of market power. B.   firms in the industry are typically characterized by very diverse product lines. C.   the actions of one seller have no impact on the profitability of other sellers. D.   products typically sell at a price that reflects their marginal cost of production.

 

22) Many U.S. business leaders argue that the current state of U.S. net exports is the result of

A. U.S. export subsidies.

B. free trade policies of foreign governments.

C. unproductive U.S. workers.

D. unfair foreign competition.

 

23) The balance of payment account is made up of:

A.   a monetary account and a fiscal account. B.   an import account and an export account. C.   a current account and a financial and capital account. D.   an investment account and a consumption account.

 

24) The model of short-run economic fluctuations focuses on the price level and __________.

A.   the neutrality of money

B.   real GDP C.   economic growth D.   Net GDP 

25) Consider two items that might be included in GDP: (1) The estimated rental value of owner-occupied housing; and (2) purchases of newly-constructed homes. How are these two items accounted for when GDP is calculated?

A.  Item (1) is included in the consumption component, while item (2) is included in the investment component.

B.  Item (1) is included in the investment component, while item (2) is included in the consumption component.

C.  Only item (2) is included in GDP and it is included in the investment component.

D.  Both item (1) and item (2) are included in the consumption component of GDP.

 

26) Over the past two decades, the United States has

a. generally had, or been very near to a trade balance.

b. had trade deficits in about as many years as it has tradesurpluses.

c. persistently had a trade deficit.

d. persistently had a trade surplus.

 

27) The Federal Reserve will tend to tighten monetary policy when __________.

A.   interest rates are rising too rapidly B.   the growth rate of real GDP is quite sluggish C.   it thinks the unemployment rate is too high D.   it thinks inflation is too high today, or will become too high in the future 

28) Having individuals actually do the job they are applying for as a test to see if they can do it is __________.

A.  an informal means of screening candidates

B.  a formal means of screening candidates

C.  an approach with high reliability

D.  an approach with low reliability

E.  an approach with high face validity

 

29) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

A.  Less than $1; about 15

B.  $2; about 25

C.  About $2; about 15

D.  Less than $1; about 25

E.  Less than $1; about 40

 

30) Your roommate is interested in starting a business and everybody has been giving him different information about being an entrepreneur. Since you have been studying about entrepreneurship and new ventures, which of these would you tell him is true?

A.   Successful entrepreneurs take very careful, calculated risks B.   Anyone can start a business C.   All entrepreneurs need venture capital in order to get started D.   Entrepreneurs are their own bosses and completely independent

E.   Money should not be considered a start-up ingredient

 

31) Managers will utilize __________ skills with increasing frequency as they rise within an organization.

A.  Technical

B.  Conceptual and decision

C.  Professional

D.  Professional

E.  Interpersonal and communication

 

32) Which of the following statements does NOT support Total Quality Management

A. Use numerical quotas

B. Strive for long-term improvement rather than short-term profit

C. Build long-term relationships instead of awarding business on price tag alone

D. Break down barriers among departments

E. Creating silos between departments

 

33) To be competitive in a global economy, Europeans must increase their level of:

A.  Espionage activity

B.  Financial subsidy

C.  Philanthropic contributions

D.  Population density

E.  Productivity

 

34) __________ is the process of working with people and resources to accomplish organizational goals. 

A. Management

B. Supervising

C. Planning

D. Decision making

E. Controlling

35) The term used to refer to all kinds of differences including religious affiliation, age, disability status, economic class and lifestyle in addition to gender, race, ethnicity and nationality is:

A.  Selection

B.  Managerial ethics

C.  Recruiting

D.  Diversity

E.  Employment

 

36) The basic components of an effective sexual harassment policy include the following EXCEPT:

A.   To establish a formal complaint procedure B.   To develop an organization wide policy on sexual harassment C.   To establish a means for ongoing training D.   To establish a performance appraisal system E.   To act immediately when employees complain of sexual harassment 

37) An organization that is managed aggressively and has growth and high profits as primary objectives may be considered a(n):

A.  Small business

B.  Large corporation

C.  Online Business

D.  Multinational corporation

E.  Entrepreneurship venture

 

38) Sebastian Stabilio just joined a team of people from throughout his organization whose primary task is to recommend valuable uses for the scrap generated in the manufacturing process. The team meets twice per week; otherwise members work within the usual organizational structure. The team, not permanent, which Sebastian has joined, would be considered a:

A.  Project group

B.  Parallel team

C.  Project team

D.  Work team

E.  Working group

 

39) A leader is:

A.   Someone with authority over others B.   Someone who influences others to attain goals C.   The top level manager in a firm or business

D.   Someone well-respected by others E.   A strategic level manager

 

40) ABC International carefully watches the actions of its most innovative competitor and learns from them. ABC can establish a low-cost position by: 

A. Mass-producing products that have an established market niche

B. Producing an imitation of the new technology that utilizes lower-quality and lower-cost materials

C. Making subtle changes to the product, thereby avoiding patent restrictions

D. Learning from the leader thereby avoiding the costs and risks of technology leadership

E. Technology followers are not successful at low-cost strategies

 

41) A manager's ability to stimulate people to be high performers is referred to as: 

A. Organizing

B. Staffing

C. Planning

D. Controlling

E. Leading

 

42) Thirty patients are selected from a filing cabinet containing 812 patient folders by choosing every 27th patient folder. Which sampling method is this? 

A. Cluster sample

B. Simple random sample

C. Stratified sample

D. Systematic sample

 

43) Twelve randomly-chosen students were asked how many times they had missed class during a certain semester, with this result: 2, 1, 5, 1, 1, 3, 4, 3, 1, 1, 5, 18. For this sample, the standard deviation is approximately _____.

A.   3.75 B.   4.55 C.   4.75 D.   3.03

 

44) William used a sample of 68 U.S. cities to estimate the relationship between Crime (annual property crimes per 100,000 persons) and Income (median income per capita). His estimated regression equation was Crime = 428 + .050 Income. 

Which outcomes would be likely in a bivariate regression on 45 randomly chosen U.S. cities in 2005 with

Y = number of robberies in each city (thousands of robberies) and

X = size of police force in each city (thousands of police)? 

A. No correlation.

B. Autocorrelation.

C. Positive slope (due to city size).

D. High R2 (due to city size).

 

45) Use the following table to answer question:

P(S | W) is approximately _____.

A.  .40

B.  .30

C.  .58

D.  .12

 

46) In a random sample of 810 women employees, it is found that 81 would prefer working for a female boss. The width of the 95% confidence interval for the proportion of women who prefer a female boss is _____.

A.  ± .0105

B.  ± .0196

C.  ± .0288

D.  ± .0207

 

47) Sampling error can be reduced by __________.

A.   none of the these affect sampling error B.   increasing the sample size C.   decreasing the sample size D.   utilizing simple random samples 

48) Theoretically, service capacity must exceed demand, lest queues become infinitely long. If capacity does not exceed demand, what is likely to happen?

A.   All of these B.   Servers will eliminate time-consuming portions of their jobs, thereby increasing capacity.

C.   Customers will renege or balk, thereby reducing demand. D.   Servers will decrease time spent per customer, thereby increasing capacity.

 

49) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. 

Which conclusion is not correct?

A.   Few investments could match the astounding growth rate. B.   The stock's true intrinsic value is $4.12. C.   At the end of year 3 the stock price would be nearly $80. D.   The absolute annual growth (in dollars per share) is increasing.

 

50) The one-worker, multiple machines approach functions as:

A.   a way to create uniform workstation loads. B.   a production bottleneck. C.   a one-person production line. D.   a poka-yoke device. 

51) You are faced with a linear programming objective function of: 

Max P = $20X + $30Y 

and constraints of: 

3X + 4Y = 24 (Constraint A) 

5X – Y = 18 (Constraint B) 

You discover that the shadow price for Constraint A is 7.5 and the shadow price for Constraint B is 0. Which of these statements is TRUE?

A.   The most you would want to pay for an additional unit of A would be $7.50.

B.   You can change quantities of X and Y at no cost for Constraint B. C.   For every additional unit of the objective function you create, the price of A rises by $7.50.

D.   For every additional unit of the objective function you create, you lose 0 units of B.

 

52) A computer analysis reveals that the best-fitting trend model is Yt = 4.12 e 0.987 t. The trend was fitted using year-end common stock prices for Melodic Kortholt Outlet for the last six years. The R2 is 0.8571. 

Which conclusion is not correct?

A.   Few investments could match the astounding growth rate. B.   The stock's true intrinsic value is $4.12. C.   At the end of year 3 the stock price would be nearly $80. D.   The absolute annual growth (in dollars per share) is increasing.

 

53) Various organizations that promote fair and responsible use of information systems often develop __________.

A.   a code of ethics B.   responsibility charters

C.   a strategic plan D.   a mission statement E.   a goals outline

54) The force behind globalization in _____ was the amount of muscle, horsepower, wind power, or steam power that a country could deploy.

A. Globalization 1.0

B. Globalization 2.0

C. Globalization 3.0

D. None of these

 

55) Which of the following statements is correct?

A.   An individual’s right to privacy supersedes the needs of society B.   Advances in information technologies have not affected individual privacy

C.   It is difficult to determine and enforce privacy regulations D.   The Internet has increased individuals’ privacy E.   An individual’s right to privacy is absolute 

56) In the _____ phase of the decision making process, managers test potential solutions “on paper.”

A.   consideration B.   design C.   choice D.   intelligence E.   implementation

 

57) It is very difficult to manage data for which of the following reasons? 

A. amount of data stays about the same over time

B. data are scattered throughout organizations

C. decreasing amount of external data needs to be considered

D. data security is easy to maintain

E. data are stored in the same format throughout organizations

 

58) International Game Technology’s new ERP system produced all of the following benefits except:

A.   The company gained flexibility in manufacturing products B.   Integrated the company’s business functions C.   Company was able to maintain its original business processes D.   ERP system connected the company’s global operations E.   Operations employees were able to access manufacturing process details at their workstations

 

59) Information-based industries are most susceptible to which one of Porter’s five forces? 

A. threat of entry of new competitors

B. bargaining power of suppliers

C. bargaining power of customers

D. threat of substitute products

E. rivalry among existing firms in an industry

 

60) Credit card companies would most likely use which of the following to check for fraudulent credit card use?

A.  Data mining

B.  Expert systems

C.  Neural networks

D.  Multidimensional data analysis

E.  Structured query language

 

61) The end result of the Data Life Cycle is the generation of _____.

A.  wisdom

B.  data

C.  information

D.  knowledge

E.  decisions

 

62) Which of the following statements about information systems is not correct?

A. Information systems are concentrated in the IS Department.

B. Information systems tend to follow the structure of the organization.

C. Information systems are based on the needs of employees.

D. Any information system can be strategic.

E. Managing information systems is difficult.

 

63) Petrified Forest Skin Care, Inc. pays an annual perpetual dividend of $1.70 per share. If the stock is currently selling for $21.25 per share, what is the expected rate of return on this stock?

A.   12.5% B.   36.13%

C.   8.0% D.   13.6%

 

64) An increase in future value can be caused by an increase in the __________.

A.  dividends paid

B.  annual interest rate and number of compounding periods

C.  original amount invested

D.  starting value

E.  rate of return

 

65) Given the following annual net cash flows, determine the IRR to the nearest whole percent of a project with an initial outlay of $1,520. 

YearNet Cash Flow

1$1,000

2$1,500

3$  500

A.   48% B.   32% C.   28% D.   40%

 

66) Mortgage bonds: 

A. are a type of debenture.

B. usually pay little or no interest.

C. are secured by a lien on real property.

D. can only be issued by financial institutions

 

67) The common stockholders are most concerned with:

A.  the risk of the investment.

B.  the size of the firm’s beginning earnings per share.

C.  the percentage of profits retained.

D.  the spread between the return generated on new investments and the investor’s required rate of return.

 

68) Exchange rate risk:

A.  doesn’t affect trades made in US Dollars.

B.  has been phased out due to recent international legislation.

C.  arises from the fact that the spot exchange rate on a future date is a random variable.

D.  applies only to certain types of domestic businesses.

 

69) PepsiCo calculates unlevered betas for each peer group in order to:

A.  eliminate different financial risks.

B.  eliminate different business risks.

C.  eliminate judgment factors.

D.  eliminate competitive factors.

 

70) Suppose you determine that the NPV of a project is $1,525,855. What does that mean?

A.   The project’s IRR would have to be less that the firm’s discount rate. B.   The project would add value to the firm. C.   Under all conditions, the project’s payback would be less than the profitability index.

D.   In all cases, investing in this project would be better than investing in a project that has an NPV of $850,000.

 

71) Dublin International Corporation’s marginal tax rate is 40%. It can issue three-year bonds with a coupon rate of 8.5% and par value of $1,000. The bonds can be sold now at a price of $938.90 each. The underwriters will charge $23 per bond in flotation costs. Determine the approximate after-tax cost of debt for Dublin International to use in a capital budgeting analysis.

A.   9.2% B.   5.1% C.   8.5% D.   6.0% 

72) Which of the following best represents the stream of income that is available to common stockholders?

A.   Gross profit B.   Net profit after tax and after preferred dividend payments C.   Earnings before interest and taxes D.   Operating profit

 

74) Forward rates are quoted: 

A. in direct form and at a premium or discount

B. by the FDIC

C. in an indirect form

D. on financial statements

E. daily

 

75) Tri State Pickle Company preferred stock pays a perpetual annual dividend of 2 1/2% of its par value. Par value of TSP preferred stock is $100 per share. If investors’ required rate of return on this stock is 15%, what is the value of per share?

A.  $6.00

B.  $16.67

C.  $37.50

D.  $15.00

 

76) In comparison to the buying of final consumers, the purchasing of organizational buyers:

A.  is always emotional.

B.  leans basically toward economy, quality, and dependability.

C.  is even less predictable.

D.  is always based on competitive bids from multiple suppliers.

E.  is strictly economic and not at all emotional.

 

77) __________ is a marketing management aid which refers to how customers think about proposed and/or present brands in a market.

A.   Customer relationship management (CRM)

B.   Market scanning C.   Positioning D.   Brand familiarity E.   Market segmentation

 

78) When evaluating macro-marketing: 

A. one must determine how efficiently the society's resources are used.

B. the evaluation is necessarily subjective.

C. one must consider each individual firm's role in the marketing system.

D. one must consider the society’s role in the marketing system.

E. the best approach is to consider the profit generated by individual firms within the overall system.

 

79) Marketing strategy planning" means: 

 A.selecting a target market and developing a marketing strategy.

 B.finding attractive opportunities and selecting a target market.

 C.selecting an attractive marketing mix.

 D.selecting an attractive target market.

 E.finding attractive opportunities and developing profitable marketing strategies.

 

80) The basic objective of the U.S. market-directed economic system is to:

A.   achieve an annual growth rate of at least 10 percent. B.   provide each person with an equal share of the economic output.

C.   make the most efficient use of the country's resources. D.   minimize inflation. E.   satisfy consumer needs as they--the consumers--see them. 

81) Analysis of demographic dimensions: 

A. is the most important step to successful segmentation.

B. can be used along with analysis of other dimensions to identify attractive target markets.

C. considers income and sex, but not age.

D. only considers age.

E. is the most effective way to identify unmet consumer needs.

 

82) When looking at demographic dimensions, marketers should: 

A. recognize that demographics can be very useful for estimating the market potential of possible target markets.

B. know that it is illegal to segment markets based on membership in some racial or ethnic group.

C. understand that ethnic groups are generally homogeneous within.

D. always consider external influences.

E. know that demographics are especially helpful in explaining why specific people buy specific brands.

 

83) The difference between target marketing and mass marketing is that target marketing:

A.   means focusing on a small market. B.   focuses on short-run objectives, while mass marketing focuses on long-run objectives.

C.   focuses on specific customers, while mass marketing aims at an entire market.

D.   aims at increased sales, while mass marketing focuses on increased profits. E.   does not rely on e-commerce but mass marketing does. 

84) When one considers the strategy decisions organized by the four Ps, branding is related to packaging as:

A.   store location is to sales force selection.

B.   personal selling is to mass selling. C.   production is to marketing. D.   branding is to pricing. E.   pricing is to promotion.

 

85) The statement, "Of course people will buy our product--each of its features is better than the competition," most closely reflects which consumer behavior concept?

A.   the economic-buyer theory B.   reference groups C.   psychographics D.   needs E.   competitive advantage

 

86) Coca-Cola is taking advantage of the new willingness of Chinese leaders to engage in international trade by marketing its soft drinks in China. What type of opportunity is Coke pursuing?

A.  test marketing

B.  product development

C.  market penetration

D.  diversification

E.  market development

 

87) When doing "positioning," a marketing manager should:

A.  exclusively use focus groups.

B.  avoid targeting strategies.

C.  rely on how customers think about proposed and/or existing brands in a market.

D.  focus on specific product features of all generic competitors.

E.  plan physical product changes rather than image changes.

 

88) Which of the following statements is not true under the Fair Labor Standards Act?

A.   Children ages 16 and 17 may work unlimited hours in nonhazardous jobs.

B.   Persons age 18 or over may work unlimited hours in nonhazardous jobs.

C.   Children ages 14 and 15 may work limited hours in nonhazardous jobs.

D.   Children under 14 cannot work at all, except on farms. E.   Persons age 18 or over may work unlimited hours in hazardous jobs.

 

89) Which of the following is true about the Sherman Act?

A.   A business can be liable under either Section 1 or Section 2 without any agreement with another party.

B.   Liability under Section 1 for restraint of trade requires agreement with another party, but liability under Section 2 for monopolization does not.

C.   Liability under Section 2 for monopolization requires agreement with another party, but liability under Section 1 for restraint of trade does not.

D.   Liability under either Section 1 or Section 2 requires agreement with another party.

 

90) The tort of intentional interference with contractual relations requires the following except:

A.   Third-party inducement to breach the contract. B.   A new contract involving the third party who induced the breach.

C.   Third-party knowledge of this contract. D.   A valid, enforceable contract between the contracting parties.

 

91) To be guilty of monopolization, the defendant must:

A.   Must be part of a conspiracy, combination, or contract. B.   Be a US company. C.   Have been previously convicted. D.   Possess monopoly power and have obtained the monopoly power by some improper act or be abusing the monopoly power.

E.   Have obtained the monopoly power from the government. 

92) In which of the following are these steps of a criminal case listed in the correct order?

A.  Arrest, indictment, trial, arraignment

B.  Arrest, arraignment, indictment, trial

C.  Indictment, arraignment, arrest, trial

D.  Arraignment, arrest, trial, indictment

E.  Arrest, indictment, arraignment, trial

 

93) Which of the following is true about “proof of claims?”

A.   They can generally be filed any time within one year of the filing of the bankruptcy petition.

B.   They must be field by both secured and unsecured creditors in order for the creditor to receive a distribution from the bankruptcy estate.

C.   They need not be filed by secured creditors whose security covers the amount of their debt.

D.   They are never used by secured creditors.

 

94) If a minor wishes to be bound to a contract after becoming an adult, she must:

A.   Bring an action to verify the contract. B.   Give back the goods or services received as a minor. C.   Disaffirm the contract. D.   Ratify the contract. 

95) What is the major convention that provides international protection to patents?

A.  The Digital Millennium Treaty.

B.  The Berne Convention of 1786.

C.  The Paris Convention.

D.  The General Agreement on Tariffs and Trade (GATT).

 

96) Which of the following lists, in descending priority, of sources considered by most courts in settling questions of international law?

A.   Conventions, treaties, comity, customs B.   Treaties, customs, conventions, comity C.   Treaties, customs, conventions, comity D.   Conventions, comity, customs, general principles of law E.   Treaties, customs, general principles of law, judicial decisions and teachings

 

97) If you are a creditor, your best protection in the event of the debtor’s bankruptcy (including protection from the debtor’s other creditors) is usually obtained if you had previously received:

A.   A security interest granted by the debtor. B.   A written promise from the debtor to pay the debt as agreed.

C.   Audited financial statements of the debtor.

D.   The debtor’s agreement to pay you first.

 

98) Which country does the text describe as becoming the largest producer and consumer of many of the world's goods?

A.  Japan

B.  China

C.  Canada

D.  Mexico

E.  Ecuador

 

99) One study found that manufacturing labor costs about _____ an hour in China, compared to _____ dollars in the United States.

A.  Less than $1; about 15

B.  $2; about 25

C.  About $2; about 15

D.  Less than $1; about 25

E.  Less than $1; about 40

 

100) Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' second largest trading partner.

A.  Canada, Venezuela

B.  Mexico, Venezuela

C.  Canada, Mexico

D.  Mexico, Canada

E.  Great Britain, Paraguay

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Solution Description

Although the U.S. has had a longstanding agreement with _____ after the passage of NAFTA, _____ became the United States' se

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